If you have a Fidelity brokerage or other nonretirement account, you may be able to import your 1099 and other cost basis information directly into TurboTax®.
Specific statement information you can import:
- 1099-DIV Dividends and Distributions
- 1099-INT Interest Income
- 1099-MISC Miscellaneous Income, except for Line 3 (Other income)
- 1099-B Proceeds from Broker and Barter Exchange Transactions
- 1099-OID Original Issue Discount
Note: Data imported from certain forms may need to be further adjusted (details below).
When this tax information will be available
All direct imports of information should be conducted only when you have received the corresponding statement from Fidelity by mail or eDelivery.
The IRS mailing deadline for Fidelity Brokerage and Fidelity Funds Accounts’ 2013 consolidated (1099) tax reporting statements is February 18, 2014. (The normal February 15 deadline falls on a weekend). Fidelity will mail or send an eDelivery notification of all 2013 (1099) tax forms to account holders beginning January through February 18, 2014.
How to import your information
Once you receive your 1099 statement by mail or through eDelivery, have it available to verify the imported information. Follow these simple steps:
- Enter your Social Security number (SSN), taxpayer identification number (TIN), or username, and then your password. When asked where to import information from, select Fidelity Investments and enter the same information that you use to log on to Fidelity.com. Then, the tax information available for each of the accounts associated with your SSN should appear.
- Review the account numbers listed next to each tax form. The information from these tax forms is available for you to import from Fidelity. Nonretirement and retirement accounts will be included in this list, as well as accounts that you have access to on Fidelity.com using your SSN (or username) and password.
- Select the nonretirement accounts from which you wish to import tax information and follow the instructions in TurboTax®.
Once imported, TurboTax® products should then help you:
- Report the information on certain sections of the federal income tax return(s) you prepare automatically using TurboTax®, or
- Determine how the information should be reported on the federal income tax return(s) you prepare using TurboTax®.
- Repeat this process to import Fidelity account tax information from accounts that are not linked to your SSN.
- Before filing your tax return, compare all the information you imported and reported on your tax return carefully against the official tax forms which Fidelity made available to you via eDelivery or by mail. Make sure all items on those forms have been appropriately accounted for and adjusted as necessary based on your individual tax situation.
About the imported data
This import is not a substitute for your Form(s) 1099 tax statement. The import containing your tax information is based on information known to Fidelity, or, in some instances, information that you have provided to Fidelity. In certain instances, the imported data may not reflect all of the information needed for tax reporting. You may be required to modify, delete, or otherwise act upon some or all of the information that you import from Fidelity. For example, certain information will be imported but will require that you choose how it should be accounted for on your federal income tax return. You may also need to make further adjustments for other events or items not tracked by Fidelity.
The tax information import function downloads information from Fidelity into your TurboTax® return and does not always place that information directly into the federal income tax return. It is essential that you complete the review processes (in Step 3 above) contained within TurboTax® in their entireties to ensure that you report all Fidelity information correctly to the IRS.
Additionally, be sure to verify the information that you import against your own records to ensure accurate and complete reporting of all required tax information on your federal income tax return. Although Fidelity is providing the tax information import as a courtesy service, Fidelity does not guarantee that the information provided is entirely sufficient or accurate for tax reporting purposes, and Fidelity is not liable for your reliance on, and use of, the import feature.
If you have specific questions regarding the preparation of your tax return, contact your tax advisor or the IRS.
Notes about importing specific data
For updates on how Fidelity reports transactions on the 1099 statement for the most recent tax year, including cost basis and additional action you may need to take on Alternative Minimum Tax (AMT) information (1099-DIV and 1099-INT), see the or .
For additional information about how Fidelity reports cost basis, see also .
Other specific information that may be useful to some filers:
- Form 1099-MISC
Beginning with tax year 2013, Fidelity has included Line 3 (Other income) of Form 1099-MISC in the (1099) consolidated Tax Reporting Statement. In prior years, it was mailed separately. Nevertheless, despite this addition, you must still manually enter the information into TurboTax®, as it is not yet part of the TurboTax® Import feature. There are many types of "Other Income," and different rules may apply depending on the type of income you receive. The amount on Form 1099-MISC, Line 3 is often reported on the "Other Income" line of Form 1040 along with a description that identifies it. See IRS Publication 525, Taxable and Nontaxable Income, the instructions for your tax return, and/or consult your tax advisor for information on how to report "Other Income" on tax returns and whether you can or cannot claim any offsetting deductions.
- Call option transactions
If you wrote (sold) a call option during 2013, the sale proceeds will be included in the data imported into your TurboTax® return. If the option was open as of December 31, 2013, you may need to edit the imported data to compute your tax liability properly.
- Cost basis for contingent debt instruments
For contingent debt instruments, your TurboTax® import does not display certain adjustments to estimated cost basis and the associated gains and losses, including adjustments for premium, acquisition premium or discount, or accreted Original Issue Discount (OID), as it might for other fixed income instruments. For transactions involving contingent debt instruments, you will need to refer to your Tax Reporting Statement and/or your own cost records to complete your tax return.
- Cost basis for other fixed income instruments
Estimated adjusted cost basis and associated gains and losses displayed in your Tax Reporting Statement and imported into your TurboTax® return may not reflect all adjustments necessary for tax reporting purposes and may also not apply if you are using an amortization calculation method that differs from the one Fidelity uses. You should verify the adjusted cost basis and associated gain/loss information provided by Fidelity against your own records when determining the proper amounts to use for tax-reporting purposes. Consult your tax advisor and/or refer to IRS Publication 550, Investment Income and Expenses, for additional information.
You may also need to adjust the amount of original issue discount (OID) interest reported by Fidelity. Refer to IRS Publication 1212, Guide to Original Issue Discount Instruments, to determine the correct OID amount to report on your tax return.
Amortization, accretion, and similar adjustments to cost basis are not provided in your Tax Reporting Statement (and are not imported into your TurboTax® return) for certain fixed income securities, such as short-term instruments, unit investment trusts, foreign fixed income securities, or securities that are subject to early prepayment of principal (pay downs). For transactions relating to these securities, you will need to refer to your own records to complete your tax return.
- Foreign fixed income securities
Fidelity does not import into TurboTax® any cost basis or realized gain/loss information in a foreign currency for any fixed income security that, according to Fidelity's records, you've made any purchase or sale of in a currency other than USD. For these securities, you will need to refer to your Tax Statement and your own records to determine your cost basis and realized gain/loss. You will also need to refer to your own records to determine whether any of these securities is denominated in a currency other than USD or makes a payment calculated by reference to the value of a currency other than USD, and if so what (if any) portion of your realized gain/loss is treated as ordinary income/loss. You will then need to input the appropriate information into the relevant section(s) of your tax return.
- Wash sales
Be sure to refer to your Tax Reporting Statement and your own records to confirm that all wash sales are reported and categorized appropriately on your tax return and any cost basis and holding period adjustments from prior wash sales are appropriately recorded in your tax records.
More help understanding your statement information
For more about 1099 information Fidelity provides for nonretirement accounts, consult the applicable pages before filing your return:
You may also wish to consult your 2013 year-end Investment Report, which is sent to many customers in late January 2014 and is also available under Statements in the Accounts and Trade tab of Fidelity.com.
You may also wish to consult IRS Publication 550, Investment Income and Expenses.